Bermuda's insurers will have to comply with a new set of reporting standards after three acts were passed by MPs in the House of Assembly yesterday.

The Insurance Accounts Amendment Regulations Act 2008, the Insurance Returns and Solvency Amendment Regulations Act 2008 and the Bermuda Monetary Authority (BMA) Amendment (No.2) Act 2008 were presented to the House by Finance Minister Paula Cox.

The Insurance Accounts Amendment Regulations Act 2008 and the Insurance Returns and Solvency Amendment Regulations Act 2008 will introduce new reporting requirements for Class 4, Class 3A and Class 3B insurance companies and Special Purpose Insurers to improve the financial data the sector is required to submit to the BMA annually.

The amendments will also set down solvency margins for the Class A ($1 million) and the Class 3B ($1 million) sectors.

"These amendments are necessary to ensure that Bermuda continues to be recognised as a leading jurisdiction for financial services," said Ms. Cox.

"One that is competitive and well-regulated but which is nevertheless able to efficiently process applications from new entrants to the market from credible jurisdictions."

Ms Cox said the Bermuda Monetary Authority Amendment (No.2) Act 2008 would enhance the Island's position as a top financial centre, allowing the Authority to increase supervisory fees, introducing new fees for certain insurance matters, and making provision for connected and related matters.

She said the changes came thorough consultation and were reflective of International Monetary Fund recommendations in 2003 and 2007 in addition to self-evaluation of ways to boost the market as it evolves and matures.

The revised fee structure for the Class 3A and Class 3B sector will consider the risk profile of the class, and the differences in the scale and supervisory and policy work that is conducted with these classes to bring the annual fee into line with the cost of supervising the sector.